PhosAgro ao

Capital/Financing Update • Sep 12, 2024

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title: Проект на бланке
author: Ekaterina Modina
date: 2024-09-12 16:01:00+00:00

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PhosAgro Successfully Places RUB 35 Billion in Variable-Rate Bonds

Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, successfully completed the book build on 12 September 2024 for its first-ever issue of rouble-denominated exchange-traded bonds with a variable coupon rate.

The BO-P02 series bonds are worth a total of RUB 35 billion, with a two-year maturity and monthly coupon payments. The variable coupon is set at the Bank of Russia’s key rate plus a spread of 110 basis points (bps).

The bonds have been included in Moscow Exchange’s Level 1 quotation list.

PhosAgro’s CEO, Mikhail Rybnikov, said: “Investor interest in our rouble-denominated bonds was high, with 25 orders amounting to over RUB 50 billion from asset managers, banks, insurance companies as well as private investors. The oversubscription allowed us to revise our target spread downward three times by a total of 30 bps relative to the Bank of Russia’s key rate. As a result, we were able to place the largest-ever bond issue among private companies in the Russian market at these pricing levels.”

ACRA assigned the issue its highest-possible credit rating of eAAA(RU).

The exchange-traded bonds are set to begin trading on Moscow Exchange on 18 September 2024. Gazprombank acted as the lead manager and placement agent for the issue.

The Company plans to use the funds raised to refinance its current debt.

The Company also has two outstanding issues of replacement bonds worth a total of USD 740 million maturing in January 2025 and September 2028, respectively, as well as RUB 20 billion and CNY 2 billion in exchange-traded bonds maturing in April 2026 along with USD 100 million in bonds set to mature in May 2029.

About the Company

PhosAgro (www.phosagro.ru) is a vertically integrated Russian company and one of the world’s leading producers of phosphate-based fertilizers and high-grade phosphate rock with P2O5 content of 39% or higher. PhosAgro’s high-performance fertilizers produce crops with advanced features.

PhosAgro Group is the largest producer of phosphate-based fertilizers in Europe (by total combined capacity for the production of DAP, MAP, NP, NPK and NPS fertilizers), one of the leading producers of MAP and DAP fertilizers globally, one of the leading producers of monocalcium feed phosphates (MCP) in Europe – and the only such producer in Russia – and Russia’s only producer of nepheline concentrate.

PhosAgro’s main products, including phosphate rock, 58 grades of fertilizers, feed phosphates, ammonia and sodium tripolyphosphate, are used by customers in 100 countries spanning all the world’s inhabited continents. The Company’s priority markets beyond Russia and the CIS are Latin America, Europe and Asia.

The Company’s shares are listed on the Moscow Exchange and its global depositary receipts (GDRs) are listed on the London Stock Exchange (MOEX and LSE ticker: PHOR).

More information about PhosAgro can be found on our website: www.phosagro.com.